Cramer's Lightning Round - Who Needs Citi? (10/28/08) [View article]
Haters, all of you.
Cramer has been dogging Citi for two years now.
Bank of America has a huge derivative book, but it is focused on industrial credit default swaps, not residential mortgage backed securities like Bear Sterns, UBS, Lehman and the rest.
Citi put the seven SIVs on the balance sheet and has been too bloated do any transaction since. It is a ward of the Federal Reserve and is just a silent version of AIG waiting for unwind.
Cramer's Lightning Round - Who Needs Citi? (10/28/08) [View article]
Cramer has been dogging Citi for two years now.
Bank of America has a huge derivative book, but it is focused on industrial credit default swaps, not residential mortgage backed securities like Bear Sterns, UBS, Lehman and the rest.
Citi put the seven SIVs on the balance sheet and has been too bloated do any transaction since. It is a ward of the Federal Reserve and is just a silent version of AIG waiting for unwind.